Youth Accounts
Give your kids a financial head start and help them learn smart money habits early on with a Savings Account at the credit union.
Set them up for future success
The earlier that children learn the value of saving and managing money responsibly, the better off they'll be when they're older. At Dominion Energy Credit Union, we're committed to helping members share good habits with the important children in their lives.
Open this account in a child's name with a parent or other family member serving as joint-owner. This gives a child a feeling of ownership and responsibility over the account, helping them learn positive lessons along the way.
- Child has control over the money and will receive statements
- Manage the account using Digital Banking services and an optional ATM card
- Quickly send money with cross-account transfers
- Set up automatic deposits and transfers to help them save steadily
- Child enjoys lifetime benefits of Dominion Energy Credit Union membership
Please note, the parent/guardian will need to sign for the child, “(custodian name) signing for (minor’s name).”
Adults can teach money management skills to children while maintaining control over this account. Only adults who are designated as account custodians can make withdrawals and deposits, or even close the account.
- No fees to maintain this account
- Parents who are the custodian on the account can sign up for easy cross-account transfers in Digital Banking
- Set up automatic deposits and transfers to help them save steadily
- Name one minor and up to two custodians on an account
- Statements will go to the custodian
- Child enjoys lifetime benefits of Dominion Energy Credit Union membership
When the child reaches age 18, the custodian can turn over control of the account, which then becomes a single ownership account in the minor’s name only.
Please note, the parent/guardian will need to sign for the child, “(custodian name) signing for (minor’s name).”
Frequently Asked Questions
Your shares are insured up to at least $250,000 through the National Credit Union Administration (NCUA) just like the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC). NCUA is a well-respected federal agency backed by the full faith of the Federal Government. No credit union member has ever lost a penny of insured funds in the entire history of NCUA.
Several options are available for additional share insurance coverage for members with more than $250,000. This NCUA brochure gives an overview. You can learn more about NCUA share insurance online and by using NCUA’s share insurance estimator. Please call Member Services at 800-268-6928 for assistance and to discuss your specific needs.
Yes! Your deposits at Dominion Energy Credit Union are federally insured up to at least $250,000 by the National Credit Union Administration (NCUA) which works just like the FDIC. Additional coverage options may be available - please call for more information. You may also wish to visit https://mycreditunion.gov/ - this site features a share insurance toolkit and insurance estimator that may prove useful. For more information visit www.ncua.gov.
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Dominion Energy Credit Union, headquartered in Richmond, Virginia, is a full-service financial institution that serves Dominion Energy employees and offers competitive rates on savings accounts including kids savings account options.